Extendicare starts roadshow Tuesday for $150 million eight-year notes, plans new revolver

By Paul A. Harris

St. Louis, Mo., June 7 - Extendicare Health Services, Inc. will start roadshowing a new offering of $150 million of senior notes due 2010 (B2/B-) on Tuesday according to a market source.

In connection with the offering, the company will enter into a new $100 million revolving credit facility.

Lehman Brothers is reported to be the bookrunner for the note offering, with other syndicate members to be announced.

The Rule 144A notes are non-callable for four years.

The company plans to use the proceeds to pay off $134 million of outstanding debt under its existing revolver and term loan facilities and other indebtedness as of March 31, 2002.

The issuer, a wholly-owned subsidiary of Markham, Ont.-based Extendicare, Inc., provides long-term health care services.

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